MIRA INFORM REPORT

Report No. :	338450
Report Date :	28.08.2015

IDENTIFICATION DETAILS

Name :	APOLLO HAWKEYE PEDERSHAAB CONCRETE TECHNOLOGIES PRIVATE LIMITED
Registered Office :	Survey No.1525/1, Ahmedabad- Mehsana State Highway, Village- Rajpur, Mehsana – 382740, Gujarat
Tel. No.:	91-2764-233117
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.01.2012
Com. Reg. No.:	04-068549
Capital Investment / Paid-up Capital :	Rs.10.000 Million
CIN No.: [Company Identification No.]	U29248GJ2012PTC068549
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of pipe making machines and its related moulds.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between “Apollo Inffratech Private Limited." and “KHKI Acquisition, Inc,” The new JV company Apollo Hawkeye Pedershaab Concrete Technologies Private Limited (AHCT) was established on 10th January 2012. It is established company having satisfactory track record. The company reported an operating income and net profit of Rs.150.300 Million and Rs.15.400 Million respectively in FY2014 as against an operating income and net loss of Rs.32.700 Million and Rs.10.700 Million respectively in FY2013. The rating also take consideration on improvement in capital structure with positive net worth backed by zero debt balance sheet. Company has able to generate profit from its operation, and it has wipe-off its accumulated losses during the year under review. Trade relations are fair. Business is active. Payment are reported to be slow but correct. In view of strong financial and management support from joint venture considered normal for business dealings with usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE (91-9099086697)

LOCATIONS

Registered Office / Corporate Office / Works:	Survey No.1525/1, Ahmedabad- Mehsana State Highway, Village- Rajpur, Mehsana – 382740, Gujarat, India
Tel. No.:	91-2764 233117/233317
Fax No.:	Not Available
E-Mail :	accounts@apolloinfratech.com sales@ahct.in
Website:	www.ahct.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Mitul Ajitkumar Patel

Designation :

Managing director

Address :

1, Harinagar Society, Highway, Mehsana- 384002, Gujarat, India

Date of Birth/Age :

26.09.1981

Date of Appointment :

01.04.2014

DIN No.:

01052407

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29210GJ1980PLC004064	APOLLO EARTHMOVERS LIMITED (DEEMED PUBLIC COMPANY)	Director	1/7/2006	1/7/2006	1/11/2008	Active	NO
2	U45202GJ2007PTC049817	APOLLO INFFRATECH PRIVATE LIMITED	Managing director	11/8/2008	19/01/2007	-	Active	NO
3	U29248GJ2012PTC068549	APOLLO HAWKEYE PEDERSHAAB CONCRETE TECHNOLOGIES PRIVATE LIMITED	Managing director	1/4/2014	10/1/2012	-	Active	NO
4	U29248GJ2013PTC075965	APOLLO CARMIX EQUIPMENTS PRIVATE LIMITED	Director	9/7/2013	9/7/2013	-	Active	NO

Name :

Darrell James Haar

Designation :

Director

Address :

11254, Valhalla Lane, Burlington, IA, Burlington, 52601, , United States of America

Date of Birth/Age :

27.03.1945

Date of Appointment :

10.01.2012

DIN No.:

03620174

Name :

Mr. Kiran Madhubhai Patel

Designation :

Director

Address :

2760, Porter Ct, Glenview, Il, Glenview, 60025, , United States of America

Date of Birth/Age :

29.05.1960

Date of Appointment :

10.01.2012

DIN No.:

03620179

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29248GJ2012PTC068549	APOLLO HAWKEYE PEDERSHAAB CONCRETE TECHNOLOGIES PRIVATE LIMITED	Director	10/1/2012	10/1/2012	-	Active	NO
2	U29248GJ2013PTC075965	APOLLO CARMIX EQUIPMENTS PRIVATE LIMITED	Director	9/7/2013	9/7/2013	-	Active	NO

Name :

Mr. Ajitkumar Tribhovandas Patel

Designation :

Additional director

Address :

1, Harinagar Society, Highway Road, Mehsana - 384002, Gujarat, India

Date of Appointment :

12.01.2015

DIN No.:

00002181

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29210GJ1980PLC004064	APOLLO EARTHMOVERS LIMITED (DEEMED PUBLIC COMPANY)	Managing director	1/4/1996	1/4/1996	2/7/2012	Active	NO
2	L45202GJ1986PLC009042	GUJARAT APOLLO INDUSTRIES LIMITED	Whole-time director	1/8/2010	1/4/2001	10/8/2012	Active	NO
3	U45202GJ2007PTC049817	APOLLO INFFRATECH PRIVATE LIMITED	Director	11/8/2008	19/01/2007	-	Active	NO
4	U29248GJ2012PTC068549	APOLLO HAWKEYE PEDERSHAAB CONCRETE TECHNOLOGIES PRIVATE LIMITED	Additional director	12/1/2015	12/1/2015	-	Active	NO

Name :

Adam Richard Kruzich

Designation :

Additional director

Address :

128 S Northfield St, Mediapolis, Mediapolis IA, 52637, United States of America

Date of Appointment :

12.01.2015

DIN No.:

07044969

Name :

Vernon Cameron

Designation :

Additional director

Address :

121 Bonville, Dr Davenport Fl, Florida, 33897, United States of America

Date of Appointment :

12.01.2015

DIN No.:

07045045

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Apollo Inffratech Private Limited, India	500000	50.00
KHKI Acquisition Inc, United State of America	500000	50.00
Total	1000000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of pipe making machines and its related moulds.
Products :	--
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	Bank of Baroda
Branch Address	Industrial Estate Branch, Oppsite Simandhar Temple, Mehsana - 384002, Gujarat, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	2nd Floor, Shivalik Ishaan, Near Cn Vidhyalaya, Ambawadi, Ahmedabad – 380015, Gujarat, India
Tel. No.:	91-79-66083800
Fax No.:	91-79-66083900
PAN N Income-tax PAN of auditor or auditor's firm :	ACHFS9117R
Memberships :	Not Available
Collaborators :	Not Available
Enterprises that directly, or directly through one or more intermediaries control the reporting enterprise Holding Company of KHKI Acquisition Inc. USA:	Hawkeye Concrete Product Company
Joint Venture:	Apollo Inffratech Private Limited, India KHKI Acquisition Inc, United State of America

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	4.683	(10.783)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14.683	(0.783)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.168	0.000
(d) long-term provisions	0.070	0.084
Total Non-current Liabilities (3)	0.238	0.084
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	27.121	15.328
(c) Other current liabilities	10.377	8.753
(d) Short-term provisions	11.353	0.000
Total Current Liabilities (4)	48.851	24.081
TOTAL	63.772	23.382
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.288	2.629
(ii) Intangible Assets	0.104	0.054
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.155	0.020
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.547	2.703
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	29.671	17.647
(c) Trade receivables	18.590	0.519
(d) Cash and cash equivalents	3.659	1.718
(e) Short-term loans and advances	3.787	0.795
(f) Other current assets	6.518	0.000
Total Current Assets	62.225	20.679
TOTAL	63.772	23.382

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Income	150.172	32.742
	Other Income	0.159	0.011
	TOTAL (A)	150.331	32.753
Less	EXPENSES
	Cost of Materials Consumed	76.312	0.000
	Purchases of Stock-in-Trade	25.332	39.803
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(4.678)	(17.647)
	Employees benefits expense	10.142	5.622
	Other expenses	16.749	15.064
	TOTAL (B)	123.857	42.842
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	26.474	(10.089)
Less	FINANCIAL EXPENSES (D)	1.120	0.694
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	25.354	(10.783)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	1.291	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	24.063	(10.783)
Less	TAX (H)	8.598	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	15.465	(10.783)
	EARNINGS IN FOREIGN CURRENCY
	Export of Goods	18.508	0.000
	Export of Services	0.000	0.260
	Reimbursement of exhibition expense	0.136	0.000
	TOTAL EARNINGS	18.644	0.260
	IMPORTS
	Raw Materials and Components	0.143	0.071
	TOTAL IMPORTS	0.143	0.071
	Earnings / (Loss) Per Share (Rs.)	15.47	(10.78)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flows from (used in) operating activities	1.844	(4.905)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	10.30	(32.93)
Operating Profit Margin (PBIDT/Sales)	(%)	17.63	(30.81)
Return on Total Assets (PBT/Total Assets}	(%)	37.73	(46.12)
Return on Investment (ROI) (PBT/Networth)		1.64	13.77
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.27	0.86

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000
Reserves & Surplus	(10.783)	4.683
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	(0.783)	14.683
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	32.742	150.172
		358.652

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	32.742	150.172
Profit	(10.783)	15.465
	(32.93%)	10.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

OPERATIONS:

During the year, the Company's total turnover (Including other Income) was Rs.150.331 Million as compare to Rs.32.753 Million of the previous year and the Company has made net profit of Rs.15.466 Million after providing depreciation of Rs.1.120 Million for the financial year ended on 31st March, 2014. The Directors are hopeful for better results in coming years.

CONTINGENT LIABILITIES PROVIDED FOR

PARTICULARS	31.03.2014	31.03.2013
Bills discounted but not matured	43.929	0.000

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10505350	25/06/2014	30,000,000.00	BANK OF BARODA	INDUSTRIAL ESTATE BRANCH, OPP. SIMANDHAR TEMPLE, MEHSANA, GUJARAT - 384002, INDIA	C08799280

FIXED ASSETS

• Plant and Machinery
• Furniture and Fixtures
• Office Equipment’s
• Vehicles
• Computers
• Software (Acquired)

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.06
UK Pound	1	Rs.102.35
Euro	1	Rs.74.97

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.